logo
Share SHARE
FONT-SIZE Plus   Neg

Roche Says Its $51 Per Share Offer For Illumina Is Full And Extremely Attractive

Swiss drugmaker Roche (RHHBY.PK) issued statement regarding its pending offer for Illumina, Inc. (ILMN).

Roche stated that it continues to believe that on the basis of the public information that has been available to the company, its offer price of $51 per share is full, fair and extremely attractive by every conceivable financial metric. Further, to date, Illumina has not provided any quantitative support for their aggressive growth assumptions. Roche also believes that their long term growth expectations are unrealistic and ignore the inherent and significant market and technology risks.

In late January, Roche began a tender offer to buy all shares of Illumina for $44.50 per share in cash. The offer was raised to $51.00 per share in cash on March 29.

Severin Schwan, chief executive officer of Roche Group, said, "As we have said earlier, if Illumina were to engage with us, we would consider any information supporting Illumina's contention that our offer undervalues the company and its prospects. However, because Illumina has refused to enter into negotiations with us, our current analysis is by necessity based solely on publicly available information, and that information does not justify a price in excess of $51 per share. Our goal has always been to enter into a negotiated transaction with Illumina and we firmly believe that our present offer is more than adequate to serve as a basis to begin that negotiation with Illumina."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
IT services provider Computer Sciences Corp (CSC), on Tuesday reported a profit for the third quarter that also trumped estimates, helped largely by lower operating costs that offset 10 percent drop in revenues. Commenting on the results Mike Lawrie said, "In the third quarter, CSC successfully completed... Entertainment giant Walt Disney Co. (DIS) Tuesday reported an increase in first-quarter profit that also trumped Wall Street expectations, as revenues jumped 14 percent on stupendous performance of Star Wars: The Force Awakens. Burbank, California-based Disney's first-quarter profit rose to $2.88... Media conglomerate Viacom, Inc. on Tuesday reported a 10 percent decline in profit for the first quarter from last year, reflecting lower revenues in the Filmed Entertainment and Media Networks segments. However, adjusted earnings per share for the quarter matched analysts' expectations, while revenues missed their estimates.
comments powered by Disqus
Follow RTT